The House Financial Services Committee scheduled a markup on June 19, 2014 of two bills regarding the authority and transparency of the Financial Stability Oversight Council (“FSOC”).
Bills that are being considered include:
- H.R. ____, which would suspend for six months the ability of FSOC to make a determination that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System (“FRB”) and subjected to heightened prudential standards; and
- H.R. 4387, the “FSOC Transparency and Accountability Act,” which would amend Dodd-Frank Section 111 to subject FSOC to both the Government in the Sunshine Act and the Federal Advisory Committee Act. Additionally, the bill would allow members from agencies such as the SEC, the FRB and the CFTC to attend and participate in FSOC meetings, as well as allow members of the Committee on Financial Services and the Committee on Banking, Housing and Urban Affairs to attend all FSOC meetings even if the meetings are not open to the public.